The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABBOTT LABS COM 002824100 1,067 18,700 SH   SOLE   3,000 0 15,700
ABBVIE INC COM 00287y109 1,492 15,430 SH   SOLE   0 0 15,430
AGNICO EAGLE MINES LTD COM 008474108 531 11,500 SH   SOLE   0 0 11,500
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609w102 241 1,400 SH   SOLE   0 0 1,400
ALLSTATE CORP COM 020002101 11,534 110,150 SH   SOLE   23,400 0 86,750
ALPHABET INC CAP STK CL A 02079k305 685 650 SH   SOLE   0 0 650
ALPHABET INC CAP STK CL C 02079k107 2,774 2,651 SH   SOLE   0 0 2,651
ALPS ETF TR ALERIAN MLP 00162q866 4,179 387,300 SH   SOLE   21,100 0 366,200
AMAZON COM INC COM 023135106 1,169 1,000 SH   SOLE   0 0 1,000
AMERICAN ELEC PWR INC COM 025537101 1,619 22,000 SH   SOLE   0 0 22,000
AMERICAN EXPRESS CO COM 025816109 5,939 59,800 SH   SOLE   20,000 0 39,800
AMERICAN HOMES 4 RENT CL A 02665t306 4,961 227,166 SH   SOLE   28,875 0 198,291
AMERICAN INTL GROUP INC COM NEW 026874784 447 7,500 SH   SOLE   0 0 7,500
AMGEN INC COM 031162100 696 4,000 SH   SOLE   0 0 4,000
AON PLC SHS CL A g0408v102 871 6,500 SH   SOLE   0 0 6,500
APPLE INC COM 037833100 237 1,400 SH   SOLE   0 0 1,400
ARAMARK COM 03852u106 1,746 40,850 SH   SOLE   5,500 0 35,350
ARMADA HOFFLER PPTYS INC COM 04208t108 155 10,000 SH   SOLE   5,000 0 5,000
AT&T INC COM 00206r102 3,762 96,758 SH   SOLE   0 0 96,758
AUTOMATIC DATA PROCESSING IN COM 053015103 469 4,000 SH   SOLE   0 0 4,000
BANK AMER CORP COM 060505104 6,558 222,150 SH   SOLE   55,000 0 167,150
BANK NEW YORK MELLON CORP COM 064058100 11,129 206,625 SH   SOLE   46,500 0 160,125
BERKSHIRE HATHAWAY INC DEL CL A 084670108 8,928 30 SH   SOLE   0 0 30
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 9,812 49,500 SH   SOLE   0 0 49,500
BLACKROCK INC COM 09247x101 771 1,500 SH   SOLE   0 0 1,500
BRIXMOR PPTY GROUP INC COM 11120u105 523 28,000 SH   SOLE   0 0 28,000
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 3,791 87,073 SH   SOLE   31,500 0 55,573
BROOKFIELD PPTY PARTNERS L P UNIT LTD PARTN g16249107 244 11,000 SH   SOLE   0 0 11,000
CAESARS ENTMT CORP COM 127686103 126 10,000 SH   SOLE   0 0 10,000
CASTLE BRANDS INC COM 148435100 49 40,000 SH   SOLE   0 0 40,000
CATERPILLAR INC DEL COM 149123101 6,366 40,400 SH   SOLE   24,000 0 16,400
CELSIUS HOLDINGS INC COM NEW 15118V207 126 24,000 SH   SOLE   0 0 24,000
CHARTER COMMUNICATIONS INC N CL A 16119p108 485 1,443 SH   SOLE   0 0 1,443
CHESAPEAKE ENERGY CORP COM 165167107 104 26,300 SH   SOLE   0 0 26,300
CHEVRON CORP NEW COM 166764100 2,397 19,150 SH   SOLE   0 0 19,150
CHUBB LIMITED COM h1467j104 3,375 23,100 SH   SOLE   8,800 0 14,300
CITIGROUP INC COM NEW 172967424 298 4,000 SH   SOLE   0 0 4,000
CITIZENS FINL GROUP INC COM 174610105 210 5,000 SH   SOLE   0 0 5,000
COCA COLA CO COM 191216100 320 6,975 SH   SOLE   0 0 6,975
COLGATE PALMOLIVE CO COM 194162103 815 10,800 SH   SOLE   0 0 10,800
COMCAST CORP NEW CL A 20030n101 2,179 54,400 SH   SOLE   0 0 54,400
COMERICA INC COM 200340107 260 3,000 SH   SOLE   0 0 3,000
CONOCOPHILLIPS COM 20825c104 357 6,497 SH   SOLE   0 0 6,497
CONTRAFECT CORP COM 212326102 26 25,725 SH   SOLE   0 0 25,725
CREDIT SUISSE GROUP SPONSORED ADR 225401108 714 40,000 SH   SOLE   0 0 40,000
CVS HEALTH CORP COM 126650100 725 10,000 SH   SOLE   0 0 10,000
D R HORTON INC COM 23331a109 613 12,000 SH   SOLE   0 0 12,000
DIAGEO P L C SPON ADR NEW 25243q205 9,171 62,800 SH   SOLE   9,050 0 53,750
DIAMONDROCK HOSPITALITY CO COM 252784301 765 67,800 SH   SOLE   4,900 0 62,900
DISNEY WALT CO COM DISNEY 254687106 2,591 24,100 SH   SOLE   0 0 24,100
DOLLAR GEN CORP NEW COM 256677105 698 7,500 SH   SOLE   1,000 0 6,500
DOLLAR TREE INC COM 256746108 1,073 10,000 SH   SOLE   10,000 0 0
DOWDUPONT INC COM 26078j100 2,684 37,692 SH   SOLE   10,000 0 27,692
DUKE REALTY CORP COM NEW 264411505 708 26,000 SH   SOLE   15,000 0 11,000
DUN & BRADSTREET CORP DEL NE COM 26483e100 503 4,250 SH   SOLE   0 0 4,250
ECOLAB INC COM 278865100 1,401 10,436 SH   SOLE   0 0 10,436
EMPIRE ST RLTY TR INC CL A 292104106 304 14,800 SH   SOLE   0 0 14,800
EXXON MOBIL CORP COM 30231g102 4,598 54,966 SH   SOLE   3,400 0 51,566
FACEBOOK INC CL A 30303m102 2,660 15,075 SH   SOLE   0 0 15,075
FIRST REP BK SAN FRANCISCO C COM 33616c100 260 3,000 SH   SOLE   3,000 0 0
FOREST CITY RLTY TR INC COM CL A 345605109 3,133 130,000 SH   SOLE   10,000 0 120,000
FRANCO NEVADA CORP COM 351858105 464 5,800 SH   SOLE   0 0 5,800
GGP INC COM 36174x101 5,814 248,582 SH   SOLE   51,021 0 197,561
GLOBAL SELF STORAGE INC COM 37955n106 46 10,000 SH   SOLE   0 0 10,000
GOLAR LNG LTD BERMUDA SHS g9456a100 477 16,000 SH   SOLE   0 0 16,000
GRAMERCY PPTY TR COM NEW 385002308 4,053 152,034 SH   SOLE   14,251 0 137,783
HERSHA HOSPITALITY TR PR SHS BEN INT 427825500 180 10,350 SH   SOLE   0 0 10,350
HOME DEPOT INC COM 437076102 284 1,500 SH   SOLE   0 0 1,500
HONEYWELL INTL INC COM 438516106 5,276 34,400 SH   SOLE   23,500 0 10,900
HOST HOTELS & RESORTS INC COM 44107p104 3,352 168,844 SH   SOLE   39,700 0 129,144
HOWARD HUGHES CORP COM 44267d107 656 5,000 SH   SOLE   1,000 0 4,000
ILLINOIS TOOL WKS INC COM 452308109 4,906 29,400 SH   SOLE   10,600 0 18,800
INDEPENDENCE RLTY TR INC COM 45378a106 101 10,000 SH   SOLE   0 0 10,000
INTEL CORP COM 458140100 494 10,700 SH   SOLE   0 0 10,700
INTERSECTIONS INC COM 460981301 122 53,895 SH   SOLE   0 0 53,895
INVITATION HOMES INC COM 46187w107 5,722 242,751 SH   SOLE   29,399 0 213,352
ISHARES GOLD TRUST ISHARES 464285105 3,678 294,000 SH   SOLE   0 0 294,000
ISHARES INC MSCI FRANCE ETF 464286707 671 21,500 SH   SOLE   0 0 21,500
ISHARES INC MSCI SWITZERLAND 464286749 665 18,679 SH   SOLE   0 0 18,679
ISHARES TR GLOBAL 100 ETF 464287572 778 8,400 SH   SOLE   0 0 8,400
ISHARES TR SELECT DIVID ETF 464287168 904 9,175 SH   SOLE   0 0 9,175
JBG SMITH PPTYS COM 46590v100 863 24,830 SH   SOLE   2,300 0 22,530
JD COM INC SPON ADR CL A 47215p106 331 8,000 SH   SOLE   0 0 8,000
JOHNSON & JOHNSON COM 478160104 4,485 32,100 SH   SOLE   4,500 0 27,600
JPMORGAN CHASE & CO COM 46625h100 9,250 86,500 SH   SOLE   15,700 0 70,800
KEYCORP NEW COM 493267108 303 15,000 SH   SOLE   0 0 15,000
KIMCO RLTY CORP COM 49446r109 979 53,900 SH   SOLE   8,500 0 45,400
KRAFT HEINZ CO COM 500754106 242 3,100 SH   SOLE   0 0 3,100
LABORATORY CORP AMER HLDGS COM NEW 50540r409 1,117 7,000 SH   SOLE   0 0 7,000
LIBERTY MEDIA CORP DELAWARE COM C SIRIUSXM 531229607 278 7,000 SH   SOLE   0 0 7,000
LILLY ELI & CO COM 532457108 853 10,100 SH   SOLE   0 0 10,100
MARRIOTT VACATIONS WRLDWDE C COM 57164y107 288 2,125 SH   SOLE   180 0 1,945
MCDONALDS CORP COM 580135101 6,971 40,500 SH   SOLE   4,000 0 36,500
METLIFE INC COM 59156r108 2,487 49,200 SH   SOLE   14,200 0 35,000
MICROSOFT CORP COM 594918104 4,151 48,520 SH   SOLE   9,500 0 39,020
MONDELEZ INTL INC CL A 609207105 967 22,600 SH   SOLE   2,000 0 20,600
MONMOUTH REAL ESTATE INVT CO CL A 609720107 4,100 230,284 SH   SOLE   33,000 0 197,284
MONSANTO CO NEW COM 61166w101 2,336 20,000 SH   SOLE   0 0 20,000
NAVIGATOR HOLDINGS LTD SHS y62132108 2,272 230,700 SH   SOLE   27,000 0 203,700
NEXTERA ENERGY INC COM 65339f101 1,093 7,000 SH   SOLE   0 0 7,000
NOBLE ENERGY INC COM 655044105 1,929 66,200 SH   SOLE   7,700 0 58,500
NOVARTIS A G SPONSORED ADR 66987v109 848 10,100 SH   SOLE   0 0 10,100
NOVO-NORDISK A S ADR 670100205 1,073 20,000 SH   SOLE   0 0 20,000
PARK HOTELS RESORTS INC COM 700517105 285 9,907 SH   SOLE   3,462 0 6,445
PEPSICO INC COM 713448108 4,725 39,400 SH   SOLE   0 0 39,400
PFIZER INC COM 717081103 460 12,700 SH   SOLE   0 0 12,700
PINNACLE WEST CAP CORP COM 723484101 1,065 12,500 SH   SOLE   0 0 12,500
PROCTER AND GAMBLE CO COM 742718109 4,328 47,100 SH   SOLE   4,800 0 42,300
PROGRESSIVE CORP OHIO COM 743315103 3,041 54,000 SH   SOLE   11,500 0 42,500
PROLOGIS INC COM 74340w103 1,332 20,650 SH   SOLE   6,500 0 14,150
QUALCOMM INC COM 747525103 640 10,000 SH   SOLE   0 0 10,000
QUEST DIAGNOSTICS INC COM 74834l100 345 3,500 SH   SOLE   0 0 3,500
REGENERON PHARMACEUTICALS COM 75886f107 564 1,500 SH   SOLE   0 0 1,500
RETAIL OPPORTUNITY INVTS COR COM 76131n101 2,129 106,700 SH   SOLE   25,500 0 81,200
REXFORD INDL RLTY INC COM 76169c100 846 29,000 SH   SOLE   15,000 0 14,000
ROYAL DUTCH SHELL PLC SPONS ADR A 780259206 367 5,500 SH   SOLE   0 0 5,500
SCHLUMBERGER LTD COM 806857108 3,760 55,796 SH   SOLE   4,000 0 51,796
SELECT SECTOR SPDR TR ENERGY 81369y506 3,382 46,800 SH   SOLE   7,300 0 39,500
SELECT SECTOR SPDR TR SBI CONS DISCR 81369y407 987 10,000 SH   SOLE   10,000 0 0
SELECT SECTOR SPDR TR SBI CONS STPLS 81369y308 853 15,000 SH   SOLE   0 0 15,000
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369y209 827 10,000 SH   SOLE   0 0 10,000
SELECT SECTOR SPDR TR SBI INT-FINL 81369y605 16,698 598,250 SH   SOLE   152,500 0 445,750
SELECT SECTOR SPDR TR SBI INT-INDS 81369y704 6,197 81,890 SH   SOLE   43,000 0 38,890
SELECT SECTOR SPDR TR SBI MATERIALS 81369y100 3,980 65,750 SH   SOLE   33,000 0 32,750
SELECT SECTOR SPDR TR TECHNOLOGY 81369y803 959 15,000 SH   SOLE   0 0 15,000
SIMON PPTY GROUP INC NEW COM 828806109 1,563 9,100 SH   SOLE   0 0 9,100
SL GREEN RLTY CORP COM 78440x101 510 5,050 SH   SOLE   0 0 5,050
SPDR GOLD TRUST GOLD SHS 78463v107 18,926 153,062 SH   SOLE   7,365 0 145,697
SPDR S&P 500 ETF TR TR UNIT 78462f103 3,987 14,940 SH   SOLE   0 0 14,940
SPDR SERIES TRUST S&P DIVID ETF 78464a763 378 4,000 SH   SOLE   0 0 4,000
SPDR SERIES TRUST S&P REGL BKG 78464a698 1,412 24,000 SH   SOLE   20,000 0 4,000
STRYKER CORP COM 863667101 496 3,200 SH   SOLE   0 0 3,200
SUMMIT HOTEL PPTYS INC COM 866082100 700 46,000 SH   SOLE   10,000 0 36,000
SUNTRUST BKS INC COM 867914103 258 4,000 SH   SOLE   0 0 4,000
TANGER FACTORY OUTLET CTRS I COM 875465106 411 15,500 SH   SOLE   1,000 0 14,500
TARGET CORP COM 87612e106 1,174 18,000 SH   SOLE   3,000 0 15,000
TAUBMAN CTRS INC COM 876664103 700 10,700 SH   SOLE   1,000 0 9,700
TIME WARNER INC COM NEW 887317303 1,299 14,200 SH   SOLE   0 0 14,200
TOTAL S A SPONSORED ADR 89151e109 276 5,000 SH   SOLE   0 0 5,000
TRANSCANADA CORP COM 89353d107 1,094 22,500 SH   SOLE   0 0 22,500
UBS GROUP AG SHS h42097107 552 30,000 SH   SOLE   0 0 30,000
UMH PPTYS INC COM 903002103 1,693 113,616 SH   SOLE   8,000 0 105,616
UNITED TECHNOLOGIES CORP COM 913017109 268 2,100 SH   SOLE   0 0 2,100
UNITEDHEALTH GROUP INC COM 91324p102 4,388 19,900 SH   SOLE   3,100 0 16,800
URSTADT BIDDLE PPTYS INC CL A 917286205 468 21,500 SH   SOLE   4,500 0 17,000
VALIDUS HOLDINGS LTD COM SHS g9319h102 1,646 35,100 SH   SOLE   4,000 0 31,100
VANECK VECTORS ETF TR GOLD MINERS ETF 92189f106 3,751 161,418 SH   SOLE   2,000 0 159,418
VANGUARD INDEX FDS EXTEND MKT ETF 922908652 237 2,125 SH   SOLE   0 0 2,125
VANGUARD INDEX FDS TOTAL STK MKT 922908769 1,853 13,500 SH   SOLE   0 0 13,500
VANTIV INC CL A 92210h105 368 5,000 SH   SOLE   0 0 5,000
VECTOR GROUP LTD COM 92240m108 703 31,418 SH   SOLE   0 0 31,418
VERIZON COMMUNICATIONS INC COM 92343v104 496 9,372 SH   SOLE   0 0 9,372
VORNADO RLTY TR SH BEN INT 929042109 4,141 52,960 SH   SOLE   5,600 0 47,360
WESTERN COPPER & GOLD CORP COM 95805v108 10 10,000 SH   SOLE   0 0 10,000
WEYERHAEUSER CO COM 962166104 1,551 44,000 SH   SOLE   12,000 0 32,000
WILLIAMS COS INC DEL COM 969457100 3,557 116,650 SH   SOLE   8,000 0 108,650